Two Companies Win SECI’s ISTS-VII Hybrid Power Auction

Greenko Group & ReNew Power Claim 1.2 GW Renewable Energy & Storage Auction Of SECI For Assured Peak Power & Off-Peak Electricity Supply Under ISTS Tranche-VII: Mercom India 
05:54 AM (Beijing Time) - 04. February 2020
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The Solar Energy Corporation of India (SECI) selected Greenko and ReNew Power to award its 1.2 GW ISTS-VII hybrid power capacity to be paired with storage. The renewable source could either be wind, solar or wind & solar hybrid capacity. (Photo Credit: SECI)

Key Takeaways

  • 2 GW ISTS-VII renewable energy and storage auction of SECI has found two winners
  • Mercom India Research says Greenko won 900 MW for peak power tariff of INR 6.12 per kWh and ReNew Power quoted INR 6.85 per kWh for the same to win 300 MW
  • Both the winners offered INR 2.88 per kWh as the off-peak power supply tariff

The Solar Energy Corporation of India (SECI) has selected GIC and Abu Dhabi Investment Authority (ADIA) backed Greenko Group as well as ReNew Power back by Goldman Sachs as the winners of its 1.2 GW interstate transmission system (ISTS)-VII connected renewable energy tender with energy storage capacity it launched in August 2019 (see SECI Issues 1.2 GW RE Tender Under ISTS-VII).

The Hindu Business Line termed it the ‘world’s largest renewable energy-cum-storage power purchase tender’.

The tender was for hybrid project developers to supply secure peak power for two separate tariffs, a peak tariff (for power supply during daytime) and off-peak tariff. For the peak tariff, the tariff was to be determined through a reverse auction, for the latter, the tariff was capped at INR 2.70 per kWh.

Greenko won 900 MW of the 1.2 GW for a peak tariff of INR 6.12 ($0.086) per kWh while ReNew Power secured 300 MW offering INR 6.85 ($0.096) per kWh as peak tariff, according to Mercom India Research. Both the winners quoted the same off-peak tariff of INR 2.88 ($0.040) per kWh .

ReNew Power had originally bid for 600 MW but won only 300 MW, and HES Infrastructure that bid for 120 MW lost out to the two winners in this oversubscribed tender.

Winners can use either wind, solar or wind & solar hybrid power with energy storage capacity providing a minimum of 6-hour peak power supply on a daily basis and also take responsibility to set up a dedicated transmission network up to the interconnection point.

ReNew Power was also one of the winners of SECI’s ISTS-VI auction winning 300 MW capacity out of 960 MW auctioned in the 1.2 GW tender (see SECI Awards 960 MW Out Of 1.2 GW ISTS-VI Solar Tender).

Having tendered another 1.2 GW of solar power capacity under ISTS-VIII, the government agency has now tendered 12.2 GW of total capacity under ISTS tranche I to VIII and auctioned 7.64 GW as tranche I to VII, according to Mercom.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani